Cairn India gained 2.38% to Rs 229.75 at 9:55 IST on BSE, on reports it has got permission from empowered committee of secretaries for recovering the cost of $700 million pipeline from its Rajasthan oil fields to the Gujarat coast, by selling crude.
Meanwhile, BSE Sensex was up 276.03 points or 1.55% to 18,082.22, on positive cues from the global markets. Asian stocks surged today after weak US economic data and comments from a Federal Reserve official signalled that US interest rates will continue to head lower. Fed Vice Chairman Donald Kohn said on Tuesday, 26 February 2008, that a weak US economy was a bigger worry than higher inflation risks.
On BSE, 8,532 shares were traded in the counter. The scrip had an average daily volume of 10.75 lakh shares in the past one quarter.
The stock hit a high of Rs 229.85 and a low of Rs 226.25 so far during the day. The stock had a 52-week high of Rs 268.50 on 7 January 2008 and a 52-week low of Rs 111 on 28 February 2007.
The large-cap scrip had outperformed the market over the past one month till 26 February 2008, gaining 16.94% compared to the Sensex’s decline of 1.91%. It had also outperformed the market in the past one quarter, rising 7.76% compared to Sensex’s decline of 5.98%.
The company’s current equity is Rs 1778.40 crore. Face value per share is Rs 10.
The company’s principal activity is to explore, develop and produce crude oil and natural gas.
Cairn India reported a net loss of Rs 8.39 crore on net sales of Rs 0.28 crore in Q3 September 2007.
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